ADM Applauds International Trade Commission Report on TPP
25 May 2016 --- Archer Daniels Midland Company (ADM) applauded the report by the U.S. International Trade Commission (ITC) on the benefits of the Trans-Pacific Partnership (TPP), an agreement that would lower trade barriers among a dozen Pacific Rim nations, including the United States.
“The ITC report confirms the benefits of the TPP to American agriculture, and to the entire American economy,” said ADM Chairman and CEO Juan Luciano. “American farmers and ranchers sold almost $140 billion of agricultural products in global markets in 2015. The ITC’s report confirms that they will have more opportunities to sell even more products when TPP is ratified.”
The TPP will encourage trade and support American exports through a wide variety of measures, particularly the reduction of import taxes on American-made products—including agricultural products—in participating countries. The agreement also includes measures to reduce trade barriers for small businesses, and promotes new technologies to help American businesses sell their products overseas.
Representatives from a dozen countries—including the United States, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam—concluded negotiations on the agreement in October 2015. It must now be formally ratified by all 12 nations, which in the United States requires majority support in both the U.S. House and Senate.
The ITC—an independent government agency that investigates and analyzes trade issues—showed that, while the entire U.S. economy would benefit from the passage of TPP, the agriculture and food sectors would see the most incremental growth.
“Lowering trade barriers to American-made agricultural products would be a significant boost for our farmers and ranchers,” Luciano added. “TPP would help support American jobs and strengthen rural communities. We continue to strongly support its ratification.”
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